Home loan interest rate changes

  • 12 May 2016

    Interest rate changes

    Teachers Mutual Bank will reduce interest rates across all of our variable rate home loans, following the Reserve Bank of Australia’s recent decision to reduce the official cash rate.

    Our Standard Variable Rate (SVR) home loan, Flexi Choice* Home Loan will be reduced by 0.25%pa bringing it down to 5.23%pa (comparison rate 5.28%). This competitive rate is well below the advertised SVRs of the four major banks. 

    To make sure we remain competitive in the market, alongside the decrease to our SVR home loan we are reducing the interest rates on all our variable rate home loans.  For more details, please see the table below. 

    The changes to rates for existing home loans will come into effect on 1 June 2016, and for new home loans from 12 May 2016.

    New home loan interest rates

    Owner Occupier Home Loans  
           Current Rates   
    Owner Occupier Home Loans  Old Rate (p.a) New rate (p.a)  Comparison rate (p.a.)^
    		 Change 
    Flexi Choice* Home Loan
    		 5.48% 5.23%  5.28% -0.25%
    My First Home Loan
    		 5.03% 4.78%  5.13% -0.25%

    Solutions Plus Home Loan

             $750,000+

    -          $500,000 - $749,999

    -          $250,000 - $499,999

    -          $150,000 - $249,999
     

    4.67%

    4.74%

    4.77%

    4.97%

    4.47%

    4.54%

    4.57%

    4.87%

    4.72%

    4.79%

    4.82%

    5.12%

    		  

    -0.20%

    -0.20%

    -0.20%

    -0.10%
    Classic Home Loan ^^

    		 4.11% 3.91% 3.96%  -0.20%
    Interest Only Loan Variable
    		 5.48% 5.23% 5.28%  -0.25%

    Investment Home Loans
    Solutions Plus $150,000 and over  4.97%  4.87% 5.12% -0.10% 

    *Also known as Teachers Flexi Choice.

    ^WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rate quoted is based on $150,000 for a term of 25 years. Rates apply to secured loans only.  

    ^^ this home loan is only available for new borrowers

    For more details on all our interest rates, view our Home Loan section on this website.

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